Crude Oil prices extended their gains on Thursday in Asia on U.S.-China trade hopes. Positive China data was also cited as supportive.

The main driver of the prices is the optimism that the world’s biggest economies were close to ending their trade war, as the latest round of high-level trade talks is being held in Beijing this week.

U.S. Treasury Secretary Steven Mnuchin said on Wednesday the talks were going well, while President Donald Trump is considering pushing back the deadline by 60 days, Bloomberg reported citing people familiar with the matter.

The President told reporters earlier this week that he is open to let the original March 1 deadline slide if the U.S. and China get closer to a deal, though he added he was not “inclined” to do so.

U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25% from 10% if the two sides don’t reach a deal by the deadline.

Meanwhile, customs data showed on Monday that China’s crude oil imports in January rose 4.8% from a year earlier, customs data showed on Thursday, to an average of 10.03 million barrels per day.

Meanwhile, OPEC production cut and Venezuela turmoil continue to support the prices.

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